Onecoin Co-Conspirator Pleads Sentence Postponement
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Onecoin Co-Conspirator Pleads Sentence Postponement

January 25, 2020      Shailesh Panwar

Mark Scott’s counsel has recently filed a letter, stating the OneCoin co-conspirator pleaded to get his sentencing delayed until April 21st. The crypto space has always been in reports for several scams, which mostly occurred in the days when Bitcoin was climbing towards $20,000, its all-time high. The OneCoin fraud case went to New York South District court.

Scott Requests To Postpone Sentencing Date

OneCoin scam began in 2016, somewhat before the famous soar and its conspirators were later arrested and went under trial. Mark Scott, the co-conspirator, was already indicted back on November 21st, 2019.  The court charged him with the conspiracy to commit money laundering and conspiracy to commit bank fraud. Rest which remained for him was to be sentenced, which was scheduled to happen on February 21st 2020.

Before that could have happened, the court granted him much time to file any Rule 33 or Rule 29 motions. Put differently, Scott could use that time to request retrial or acquittal, which he could do until February 3rd. After that, the government would have three weeks to respond — until February 24th.

In a recent development, Scott seemed to have used this time, as his counsel determined to file a letter, pleading his sentencing date to be postponed. The letter cited that Scott and his members would like to delay the date of sentence for April 21st, 2020.

About The Famous OneCoin Scam

Earlier, Scott was an equity partner at Locke Lord LLP, a law firm. In 2016, he began forming several fraudulent private equity investment funds. The funds came to be known as the Fenero Funds, and all of them were operated from the British Virgin Islands.

It has been estimated that he washed about $400 mln in incomes, referring them as investments from affluent European families. In reality, the money came from the OneCoin fraud scheme, and Scott was paid allegedly over $50 mln for his assistance. He used this fund to acquire seaside homes, various luxury cars and also a yacht.

When the banks started questioning about the transfers, Scott together with his co-conspirators, misled them about the money and stated the transfers as OneCoin yields, which would enable them to circumvent AML procedures.

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Shailesh Panwar
Shailesh Panwar

Shailesh is an ardent follower of the crypto world and keenly watches every development taking place in the cryptocurrency space. He loves to voice his opinions through well-curated blogs and articles, which throw light on different facets of the crypto industry.